What Do the Guru's Think Of This Idea

Over the next few weeks, I plan to purchase a course (see my other thread where I ask for opinions on 4 different courses) and work steadily towards having a full dedicated site.

HOWEVER....here is where the groans begin...I DO have a domain that I have let just sit doing nothing for a couple of months. Until today. It is a blog with a full vBulletin forum as well which until I edit down the board is disabled.

I made a couple of posts on the blog today, and then joined up with Clickbank and Paydotcom and posted a couple of ads from Paydotcom on the blog home page.

I also have Google Adsense ads on both the blog and the forum too. Infact I have had Google Adsense ads running on most of my forums for almost a year now and average $200 a month in income from them (I know not much compared to some numbers we see posted here)

I was thinking that since this is already an established site, which has been indexed in the past and does have the code set to index every 7 days, that this could give me a head start.

What do you think of the idea of using an existing underused domain as a jumpstart way to get going?

It sounds like you are off to a good start - if the blog is related to what the domain is about, you should be able to forward the domain to the blog, that is, if the blog isn't already using a different domain.